Fuji Speedway gives up hosting F1

The global financial crisis is hitting the world of F1.Toyota has announced that it's subsidiary, the Fuji International Speedway has given up the hosting rights for the Japanese Grand Prix in 2010 and beyond. The company made the decision due to cost-cutting needs amid the global economic downturn.

The global financial crisis is hitting the world of F1.

The circuit, which is majority owned by Toyota, had been scheduled to host the Formula One race in 2010, alternating each year with Honda Motor's Suzuka Circuit.The Formula One race was estimated to cost the Toyota circuit about 2 billion to 3 billion yen.

Toyota is expecting its operating loss to balloon to a record 850 billion yen in the business year to March 2010, forcing the company to put several projects on hold to save funds.